Happy Spring!  As we look back on the first 4 months of the year, there was a slowdown in total sales, but the beach real estate market remains firm as we continue to experience very limited inventory amidst rising interest rates.      

A positive piece of news for real estate that we are watching closely is the Delaware legislation recently introduced that would reduce the transfer tax by 1%, effective for transactions recorded after July 1, 2022.  This would bring the total tax back to 3% vs. 4%.  Typically, this expense is split between the buyer and seller at closing.  While not yet in effect, we are encouraged that this bill will be passed and we will keep you informed.   

If you would like to discuss the market in more detail, please give

Happy Spring!  As we look back on the first 4 months of the year, there was some slowdown in total sales, but the beach real estate market remains firm as we continue to experience very limited inventory amidst rising interest rates.      

A positive piece of news for real estate that we are watching closely is the Delaware legislation recently introduced that would reduce the transfer tax by 1%, effective for transactions recorded after July 1, 2022.  This would bring the total tax back to 3% vs. 4%.  Typically, this expense is split between the buyer and seller at closing.  While not yet in effect, we are encouraged that this bill will be passed and we will keep you informed.      

If you would like to discuss the market in more detail, please

Happy Spring!  As we look back on the first 4 months of the year, there was some slowdown in total sales, but the beach real estate market remains firm as we continue to experience very limited inventory amidst rising interest rates.  

   
A positive piece of news for real estate that we are watching closely is the Delaware legislation recently introduced that would reduce the transfer tax by 1%, effective for transactions recorded after July 1, 2022.  This would bring the total tax back to 3% vs. 4%.  Typically, this expense is split between the buyer and seller at closing.  While not yet in effect, we are encouraged that this bill will be passed and we will keep you informed.      

If you would like to discuss the market in more detail, please

Source: https://www.townofbethanybeach.com

The Bethany Beach Dinker-Irvin Museum is now officially open to the public.  As one of the few remaining original Bethany Beach cottages and listed on the United States Registry of Historic Places in 2018, the beautifully restored home is now converted to a museum offering visitors meaningful insight into the town's early history.

For more information, please click here.

The Delaware Center for the Inland Bays and Sussex County recently announced a partnership to reforest a 6.5 acre lot along Lighthouse Road, west of Fenwick Island. The project, which is currently underway, involves the planting of 7,800 hardwood and pine trees and is supported in part by a $25,000 grant from the Water Quality Improvement Fund.

 For more information, please click here.

During the first quarter of the year, we continued to experience a strong market for sellers. As the chart illustrates, the number of properties sold in Bear Trap was down 45% when compared to the first quarter of last year while sales volume was down just 27%. Properties continued to sell very quickly with minimal competition as inventory was down 50% year-over-year and 95% compared to 2020!

 As always, if we can offer you any real estate guidance during this time, we are here to help! Please call Bear Trap Expert, Gail Phelan: 302-233-4909. We are here to help.

During the first quarter of the year, we continued to experience a strong market for sellers. As the chart illustrates, the number of properties sold in Ocean View was down 14% when compared to the 1st quarter of last year while sales volume increased 5%. Properties continued to go under contract very quickly as inventory was down 12% year-over-year and 76% compared to 2020!

 As always, if we can offer you any real estate guidance during this time, we are here to help!  Please give us a call: 302-541-5207.

During the first quarter of the year, we continued to experience a strong market for sellers. As the chart illustrates, the number of properties sold in Sea Colony was down 50% when compared to the first quarter of last year while sales volume was down just 11%. Properties continued to go under contract very quickly as inventory was down 71% year-over-year and 89% compared to 2020!

As always, if we can offer you any real estate guidance during this time, we are here to help! Please call  Sea Colony Expert, Gail Phelan: 302-233-4909.

The Delaware General Assembly recently introduced a bipartisan bill that would decrease the Delaware real estate transfer tax from 4% to 3%. The current 4% tax was implemented in 2017 to help offset a state budget deficit. Delaware is ranked as one of the states with the highest real estate transfer tax in the nation.

The bill is currently in the House Administrative Committee and if passed, would restore the tax rate to the pre-2017 level of 3% and would take effect on July 1, 2022.

Click here for more information.

During the first quarter of 2022, we continued to experience an exceptional market for sellers. As the chart illustrates, the number of properties sold in the Bethany-Fenwick area was down 20% when compared to the first quarter of last year while sales volume was up 12%. Properties continued to go under contract very quickly as inventory was down 30% year-over-year and 80% compared to 2020!

 As always, if we can offer you any real estate guidance, we are here to help. Please give us a call, 302.541.5207.